Cloud Platform Innovation of the Year
2Checkout is the leading all-in-one monetization platform for global businesses. It was built to help merchants drive sales growth across channels and increase market share by simplifying the complexities of modern commerce like global payments, subscription billing, merchandising, taxes, compliance, and risk, so they stay focused on innovating their products and delivering exceptional customer experiences. Merchants benefit from a rich set of features that allow them to transact at every customer touchpoint, work with individual sales or subscriptions, and reach their target audience globally - all in one seamless, compliant solution with rapid setup and cloud scalability.
2Checkout creates a unique offering in the marketplace, bringing added scale and flexibility that help merchants accelerate revenue growth through the ability to sell products and services all over the world, and to use as much or as little of the platform features as they desire. Another unique aspect of the platform is the ability to work with multiple payment models, meaning clients can go to market using a Merchant of Record (MoR) model, a Payment Service Provider (PSP) model, or a hybrid of both.
In a world of high-speed interactions and connections, platform scalability is a crucial factor for the success of any eCommerce business. Given this premise, 2Checkout is constantly striving to improve the performance and scalability of its Avangate Monetization Platform.
In the last 18 months, 2Checkout launched a series of product updates and innovations around payments, eCommerce, subscription billing, and distribution channels stacks, as well as tax and compliance. Enhancements also were implemented to improve merchants’ capabilities for subscription retention, ordering engines, customization, and conversion increase, across distribution channels.
The recently launched API 6.0. is at the forefront of technology advancement for digital commerce. This helps merchants manage all aspects of their online orders, sell via any channel, have control over branding elements, as well as retain and service customers from their preferred systems. Merchants are able to integrate eCommerce into their single sign-on solutions or device/platform agnostic app stores.
Some of the key benefits of the newly introduced features include:
• Reducing the complexity of PCI compliance to the level of a SAQ-A questionnaire – Merchants will have full-cart ownership without touching customer data, by tokenizing the payment information for them.
• Automating and ensuring inventory profits with the introduction of the SKU management via API
• Decreasing voluntary churn with pause subscriptions
• Engineering the business for new markets with extended payment coverage
• Reducing cart abandonment and unfinished payment rates for subscriptions with automated lead management
• Easing developers’ workload - The API Nexus covers SOAP, JSON, and REST
• Advanced testing for imported subscriptions
As opposed to existing eCommerce solutions in the market, the Avangate Monetization Platform was designed to be comprehensive and flexible. Merchants can choose the eCommerce, billing and payment capabilities that make sense today, knowing they can quickly adapt to the changes in their business tomorrow. Merchants can start with a core platform module and mix and match flexible add-ons to create the optimum product for their needs. As they scale up, they can then easily move to enhanced product packages that will ensure continued growth for their business. The enhanced Avangate Monetization Platform enables merchants to perform on global markets, ensuring business scalability for any type of product/ service (physical, digital, software/SaaS), as well as flexibility and customization options.
The Avangate Monetization Platform helped our clients experience improvements in their eCommerce operations:
• VWO, a full-funnel A/B testing platform, achieved 8%+ overall revenue uplift from recovery tools and 6% improvement in authorization rates.
• Incomedia, an Italian software house, experienced a 60% increase in conversion rates and 10% additional sales via the affiliate network.
• Kilohearts, developer of software synthesizers and effects, recorded a 50% drop in subscription churn due to the voluntary and involuntary churn reduction tools, such as account updater, retry logic, and dunning management.
• SysTools, specialist in digital forensics, achieved more than 15% overall revenue uplift through 17% increase in conversion rate and 40% increase in Average Order Value (AOV).
• pCloudy, a SaaS mobile app testing platform, improved localization through the multi-currency options, achieved global compliance, sales tax, and fraud management, as well as superior subscription management.
• Easeware, creator of utility software Driver Easy, also experienced more than 18% overall increase in online sales, 11% increase in the cart conversion rate, and 31% increase in affiliate sales.
• Epubor, developer of converter tools for audio and visual content, experienced 20% increase in cart conversion rate due to the new InLine technology.